The International Ethics Standards Board for Accountants (IESBA) today released its 2011 Annual Report, Ethics for the Global Accounting Profession—Building on the Groundwork.
The report describes the IESBA’s commitment to developing high-quality international ethics standards for the global accountancy profession as presented in the Code of Ethics for Professional Accountants (the Code). It emphasizes the board’s long-term objective of facilitating the convergence of national and international ethics standards and continued work to support their consistent implementation.
The report summarizes the progress made on the IESBA's 2011 Work Plan, including key projects on conflicts of interest, addressing a breach of a requirement of the Code, and responding to a suspected illegal act. It also looks forward to 2012, outlining the board’s plans to add additional workstreams (summarized in a Staff Update) to its 2012 Work Plan in response to matters under consideration by the European Commission, US Public Company Accounting Oversight Board, and others.
“As significant changes to the Code took effect on January 1, 2011, we focused our 2011 outreach activities on helping those who had adopted the Code to understand these changes and implement the standards consistently,” said Ken Dakdduk, chair of the IESBA. “In issuing our first annual report, we aim to support our outreach activities by promoting transparency and communication with the board's stakeholders. The report highlights our achievements during 2011 and also the dynamic nature of the IESBA’s Work Plan. To best serve the public interest, the IESBA must continually review its activities and maintain the flexibility to respond to developments in the global regulatory and business communities.”
The report also includes a report from Richard Fleck, chair of the IESBA Consultative Advisory Group (CAG), which outlines the work of the CAG in providing input to the IESBA.
To access and download the 2011 IESBA Annual Report, visit www.ethicsboard.org.
About the IESBA
The International Ethics Standards Board for Accountants (IESBA) is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information.
About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
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